Hotels and Leisure Portfolio

Travelodge, Starbucks & Greggs

Melksham, near Bath

 

Description
Travelodge budget hotel, with ancillary Starbucks coffee drive-thru and Greggs retail unit

Purchase Price
£6.2 million

Net Initial Yield
5.91%

Size
60 bedroom hotel, 1,800 sq ft Starbucks and 1,500 sq ft Greggs

Acquisition Structure
Pre-let forward funding

Date Acquired
March 2017

Rent Review
Travelodge - Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Greggs – Open market value (OMV)

Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Greggs plc

Lease Term
Travelodge - 25 years, with no break; Starbucks –
15 years, with no break; Greggs – 10 years (5 year break)

Travelodge

Haverhill, Essex

 

Description
Travelodge budget hotel

Purchase Price
£5.5 million

Net Initial Yield
5.92%

Size
80 bedroom hotel, 100 cover restaurant

Acquisition Structure
Built asset

Date Acquired
March 2017

Rent Review
Retail Price Inflation (RPI)

Tenant/Guarantor
Travelodge Hotels Limited

Lease Term
24 years unexpired, with no break

Cambridge Belfry Hotel

Cambourne, Cambridge

 

Description
4 star, full service hotel

Purchase Price
£18.53 million

Net Initial Yield
6.1%

Size
120 bedrooms

Acquisition Structure
Built asset

Date Acquired
April 2017

Rent Review
Consumer Price Inflation (CPI)

Tenant/Guarantor
QHotels Holdings Limited

Lease Term
22 years unexpired, with no break

Premier Inn & Beefeater

Whitley Bay, North Tyneside

 

Description 
Premier Inn budget hotel and Beefeater restaurant

Purchase Price
£6.26 million

Net Initial Yield
5.0%

Size
68 bedrooms and 190 cover restaurant

Acquisition Structure
Pre-let forward commitment

Date Acquired
April 2017

Rent Review
Consumer Price Inflation (CPI)

Tenant/Guarantor
Premier Inn Hotels Limited

Lease Term
25 years, with a one-off break right at year 20, from completion of construction works

Travelodge, Starbucks & Subway

Swindon, Wiltshire

 

Description
Travelodge budget hotel, with ancillary Starbucks Coffee drive-thru and Subway drive-thru restaurant

Purchase Price
£8.28 million

Net Initial Yield
5.80%

Size
70 bedroom hotel, 1,800 sq ft Starbucks and 1,250 sq ft Subway

Acquisition Structure
Pre-let forward funding

Date Acquired
May 2017

Rent Review
Travelodge – Consumer Price Inflation (CPI); Starbucks – Retail Price Inflation (RPI); Subway – Open market value (OMV)

Tenant/Guarantor
Travelodge Hotels Limited, Starbucks Coffee Company (UK) Limited and Subway Realty Limited

Lease Term
Travelodge – 25 years, with no break; Starbucks – 15 years, with no break; Subway – 15 years (6 and 11 year break)

Travelodge, Burger King & Little Chef

Ipswich, Suffolk

 

Description

Travelodge budget hotel and restaurants

Purchase Price

£5.0 million

Net Initial Yield

6.12%

Size

40 bedroom hotel, 4,000 sq ft restaurant

Acquisition Structure

Built asset

Date Acquired

July 2017

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Travelodge Hotels Limited

Lease Term

20 years unexpired, with no break

Travelodge, Costa Coffee & KFC

Camborne, Cornwall

 

Description

Travelodge budget hotel, with Costa Coffee drive-thru and KFC drive-thru restaurant

Purchase Price

£6.7 million

Net Initial Yield

6.15%

Size

63 bedroom hotel, 1,800 sq ft Costa Coffee and 2,950 sq ft KFC restaurant

Acquisition Structure

Pre-let forward funding

Date Acquired

July 2017

Rent Review

Travelodge - Consumer Price Inflation (CPI); Costa Coffee and KFC – Open market value (OMV)

Tenant/Guarantor

Travelodge Hotels Limited, Costa Limited and KFC Franchisee

Lease Term

Travelodge - 25 years, with no break; Costa –

10 years, with no break; KFC – 20 years (10 year break)

Premier Inn

Middlesbrough, North Yorkshire

 

Description

Premier Inn budget hotel

Purchase Price

£6.2 million

Net Initial Yield

5.10%

Size

83 bedroom hotel

Acquisition Structure

Pre-let forward commitment

Date Acquired

August 2017

Rent Review

Consumer Price Inflation (CPI)

Tenant/Guarantor

Premier Inn Hotels Limited/Whitbread PLC

Lease Term

25 years from completion of construction works, with a one-off break right at year 20

Premier Inn hotel

Chesterfield

 

Description

Premier Inn budget hotel

Purchase Price

£6.9 million

Net Initial Yield

5.2%

Size

91 bedrooms

Acquisition Structure

Pre-let forward funding

Date Acquired

November 2017

Rent Review

Consumer Prices Inflation (CPI)

Tenant/Guarantor

Premier Inn Hotels Limited; Whitbread Group PLC

Lease Term

25 years, with no tenant break, from completion of construction works

Jurys Inn hotel

Plymouth

 

Description

Full service hotel

Purchase Price

£30 million

Net Initial Yield

5.7%

Size

247 bedrooms

Acquisition Structure

Built asset

Date Acquired

October 2018

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Jurys Hotel Management (UK) Limited

Lease Term

24 years unexpired, with no break

Travelodge hotel

Edinburgh Park, Edinburgh

 

Description

Budget hotel

Purchase Price

£6.6 million

Net Initial Yield

5.4%

Size

70 bedrooms

Acquisition Structure

Pre-let forward funding

Date Acquired

October 2018

Rent Review

Consumer Price Inflation (CPI)

Tenant/Guarantor

Travelodge Hotels Limited

Lease Term

25 years, with no break, from completion of construction works

Travelodge hotel portfolio

Aberdeen, Brighton, Liverpool, Llanelli and Nuneaton

 

Description

Portfolio of budget hotels

Purchase Price

£45.2 million in aggregate

Net Initial Yield

5.8%

Size

387 bedrooms in total

Acquisition Structure

Built assets

Date Acquired

November 2018

Rent Review

Retail Price Inflation (RPI)

Tenant/Guarantor

Travelodge Hotels Limited

Lease Term

24 years unexpired, with no break